General American Investors Company Announces Action Taken by the Board of Directors

The Board of Directors authorized the repurchase of an additional 1,000,000 outstanding shares of common stock when the shares are trading at a discount from the underlying net asset value by at least 8%. This continues a repurchase program which began in March 1995. Through December 31, 2023, the Company has repurchased 32.5 million shares of common stock for a cost of $1 billion at an average discount of 14.1%.

General American Investors was founded in 1927, has been publicly traded since its inception and has been listed on the NYSE since 1930. The objective of the Company is long-term capital appreciation through investment in companies with above average growth potential. The Company has total net assets of approximately $1.2 billion applicable to its 23.7 million shares of common stock outstanding as of December 31, 2023. The aggregate liquidation value of the Company’s preferred stock is $190 million (NYSE symbol – GAM Pr B).

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Company: Eugene S. Stark Vice-President, Administration [phone]